The misleading Mortgage Choice Act is not about choice,it's about cheating.

This bill is yet another attempt by the big banks to do an end run around the tough Wall Street reform bill that passed Congress in the wake of the financial crisis and the ensuing Wall Street bailouts.

Wall Street reforms now limit the fees lenders and their business partners - known as "affiliates" - may charge, protecting borrowers from loans that are full of tricks and traps and the risky features that harmed the economy in the recent mortgage crisis.

But now that they have been bailed out and are back to making huge profits, the big banks want to be free to go back to doing exactly what they were doing before - which resulted in a wrecked economy for the rest of us.

The Mortgage Choice Act will allow many more risky, high-cost loans by creating exceptions to the three percent points and fees threshold. Weakening the consumer protections will just create new incentives to trap consumers in overpriced mortgages.

We need Congress to stand with working families and oppose H.R. 3211 and S. 1577. Once the rule is in place and the mortgage process is opened to more competition, families will benefit from lower costs while the economy will benefit loans written to appropriately reflect a borrower's ability to repay.

We cannot wait any longer for the protections we need and the banks have had enough time to get their act in order. No to delays and giveaways. No to the Mortgage Choice Act.